The SAT has concluded that the information said to have been possessed by the Roys when the traded in the NDTV shares was not price sensitive, contrary to the SEBI findings on this aspect.
The Look Out Circulars (LOCs) were issued on the basis of two FIRs registered by the CBI against the Roys on allegations of financial regularities when they were part of the NDTV management.
The open offer for acquiring 1.67 crore equity shares, for which a price of Rs 294 per share has been fixed, will tentatively close on November 1, said an advertisement by JM Financial, which is managing the offer.
The acquisition capped months of speculation about a potential acquisition that saw the NDTV stock rally fivefold in nine months (from ₹75.55 on 1 December to ₹376.55 on Tuesday on BSE)
Adani Media Arm To Buy 29 2 Per Cent Stake in NDTV, Will launch Open Offer For Another 26 Per Cent Stake swarajyamag.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from swarajyamag.com Daily Mail and Mail on Sunday newspapers.